HGM.L Share News (HGM)

Russian gold miner Highland Gold has bought a license for exploration and mining rights for the Blagodatnoye prospect in the Khabarovsk region. The company, part-owned by Russian billionaire Roman Abramovich, paid 3.25m roubles ($107,794) for Blagodatnoye which has a reported prognostic resource of 5 tonnes (161,000 oz) of gold. Preliminary evaluation of data from previous exploration work revealed that the property has "good" potential to increase the mineral resource.Chelsea football club-owner Abramovich acquired a 40% stake in Highland through his Millhouse investment vehicle in 2008 for £200m. That later reduced to 32%."The acquisition of the Blagodatnoye property underlines the company's strategy of growing its asset portfolio in the vicinity of its existing operations by adding quality exploration properties with potential for future gold production," said the firm Monday."The new prospect is situated in close proximity to the company's two other important assets - Mnogovershinnoye and Belaya Gora. Blagodatnoye contributes to Highland Gold's strategic hub in the region further maximising synergies and maintaining growth."